Near Surface Drilling Positive Results At The Omai Gold Project

TORONTO – Omai Gold Mines Corp. reported on the next phase of drilling at its Omai Gold Project in Guyana, South America. The current positive drilling results are from two near-surface exploration targets that were identified from trenching, geophysics and historical data. Assays are reported for 11 drill holes totalling 2,615m with 6 holes on the BBH target and 5 holes from the Camp Zone. A total of 64 drill holes have been completed to date this year on the Omai property, totalling 30,297m.
The deep hole 25ODD-122, testing the blue-sky potential at depth below the Wenot deposit, ended at a downhole depth 2,014m. It was successful in intersecting approximately 280m of the Wenot shear corridor at a depth of approximately 1,120m from surface or 600 m below the known Wenot gold deposit. Assays are pending. Five rigs are currently drilling on the Wenot deposit with the goal of completing an additional 8,000m before year end.
Elaine Ellingham, President & CEO, said, “We are pleased to provide these exciting results from two of our exploration targets, both nearby the Wenot and Gilt Creek gold deposits. Although we have kept our focus on expanding the Wenot open pit deposit and driving forward to an updated Preliminary Economic Study with a much expanded Omai mine plan, we still believe that identifying and working to define additional satellite deposits will create further value to the project. A few of our exploration targets have evidence of higher grade mineralization and present possibilities for satellite pits that could positively impact early cash flow and overall NPV. With the results, we will further model these targets to guide additional drilling in these clearly prospective areas.
We are also pleased that the deep hole 25ODD-122, drilled to test the blue sky potential of the Wenot deposit at depth successfully reached 2,014m. The hole flattened significantly, not unexpectedly but this allowed us to cross over 280m of the Wenot shear corridor at a vertical depth of about 1,120m, which is at least 600m below the deepest known extent of the Wenot deposit. Since we have identified the Wenot deposit along a 2.5 km strike length, this potential depth extension bodes well for the long-term potential of the project. Proving the shear extends this far to depth is a great win. We await assay results. Although the Omai Mineral Resource Estimate is quite sizeable, the geological extension to depth of the shear corridor that hosts the gold mineralization in the upper part of Wenot provides the possibility for an even longer mine life. Large-scale mine developments support long-term employment and sustainable communities. Omai is located 10km from the only road from Georgetown, the capital city of Guyana, to Brazil. Paving is well underway on this road and there are longer-term plans to establish this as an access to a major deep-water port planned on the coast of Guyana, east of Georgetown. This infrastructure would further benefit the Omai project.”